The cost of living crisis combined with rising interest rates meant that 2023 was a particularly eventful financial year, and 2024 is likely to be no different.
It can be difficult keeping tabs on all the important financial dates in a year, whether they’re recurring events or one-offs, so we’ve put together this financial calendar for 2024 to help you keep track.
Bear in mind of course that some of these dates are uncertain at the moment, or may be subject to change, so we’ll be updating it monthly. Here’s what you need to know.
January
The Energy Price Cap rises
Despite a positive trend of gradual decreases throughout the year, the Energy Price Cap rose on the first day of the year from £1,834 to £1,928 for a typical home using an average amount of energy, thanks to the increased price of oil and gas.
The price cap limits the amount energy suppliers can charge for the amount of gas and electricity used by an “average” household – but you could be charged more if you use more than this, or less if you use a smaller amount of energy. Learn more in our article What is the energy price cap?
National Insurance cuts
One of the big headlines from the Chancellor’s Autumn Statement was the decision to cut Class 1 National Insurance Contributions from 12% to 10% with effect from January 6, 2024. These contributions are made on your behalf by your employer on earnings between £12,570 and £50,270. Further NI cuts for self-employed people are scheduled for April.
While this means you may pay less in National Insurance Contributions, you’ll also end up paying more in tax due to the government’s continuing freeze on income tax and National Insurance thresholds. Read more in our article Changes to National Insurance: will you pay less?
Tax return deadline
If you are required to complete a tax return for the 2022/23 tax year, then you’ll need to get your skates on as you must submit it online by January 31 at the latest. If you miss the deadline, you risk a fine starting at £100, which ramps up quickly the longer you leave it. Learn more about whether you need to complete a tax return and how to do so in our article Beat the 31 January tax deadline!
February
First Bank of England MPC Meeting
The Bank of England’s nine-person Monetary Policy Committee meets every six weeks to determine a new Bank of England base rate, and its first meeting of 2024 will be held on February 1. Our base rate news article is edited every time this happens so you can stay abreast of the new base rate and what it will mean for your mortgage and savings.
Energy Price Cap Announced
Ofgem will announce the new price cap for the April-June period on February 23rd.
March
Spring Statement
The Chancellor will deliver his usual spring budget on March 6, though it’s too soon to guess what kind of measures will be announced.
Rail fares increase
Regulated train fares are set to increase in March, though the government has confirmed that the rise will not exceed 9%, the inflation rate last July. However, if July’s rate of wage growth is used instead, as it was last year, passengers could still see fares rise by 7.8%.
Fuel duty cut ends
The government’s 5p cut to fuel duty is set to end on March 23, unless they opt to extend it further – they already extended it an extra 12 months last year.
Energy Price Guarantee officially ends
The Energy Price Guarantee was implemented at the height of the energy bills crisis to temporarily replace the spiralling Energy Price Cap, restricting bills below £3,000 per year for an average household. The Guarantee hasn’t been necessary since the cap fell beneath this level in July, and hopefully won’t be needed again in future, but it will remain as a safety net until March 31 when it will be removed for good.
April
The 2023/24 tax year ends on April 5 and the new 2024/25 tax year begins on April 6, when new tax allowances come into effect. You can find out more about current allowances in our guide 2023/24 tax year: tax rates and allowances explained. This article will be updated with 2024/25 allowances when the new tax year starts.
New energy price cap begins
April’s energy price cap isn’t known yet, but it’s expected to be cheaper than January’s. It will come into effect on April 1, 2024.
TV licence fee goes up
The cost of a TV licence is set to increase in line with inflation for four years from 2024. This means it will rise in April by September 2023’s rate of 6.7%, bringing the annual colour cost to £169.50. If you’re aged 75 or over and receive Pension Credit, you may be eligible for a free TV licence. Find out more in our guide Pension Credit explained.
Vehicle Excise Duty (VED) increase
Vehicle Excise Duty, also known as car tax, will rise in April in line with the RPI rate of inflation.
Council tax rises
It’s currently unknown which local councils will be increasing council tax, and by how much, but April presents the opportunity for them to do so by up to 3% – councils must hold a local referendum if they want to increase it by more. Several councils have requested much higher increases, which if approved could see bills in certain areas rise by up to 10%.
National living wage rises
The Chancellor confirmed a record increase in the national living wage – the highest rate of minimum wage – in his Autumn Statement, with the hourly rate for those aged over 21 (previously over 23) to increase from £10.42 to £11.44.
Water bill price changes
Water bills are due to go up in April – but it may be by less than expected. This is because 12 of the UK’s water companies have been hit by a collective £114 million penalty by water regulator Ofwat for failing to meet targets on pollution, leaks and customer service. Read our article How to reduce your water bills for some tips to save money on your water bills.
Possible prescription charge increase
The NHS prescription charge rose to £9.65 in April 2023, with the cost of a Prescription Prepayment Certificate rising to £31.25 for 3 months. It is not yet known whether these charges will increase again this April.
Dividend tax and Capital Gains Tax allowances decrease
Allowances for both dividend tax and Capital Gains Tax (CGT) will be slashed for a second consecutive year in April. The current dividend allowance is £1,000 and will be halved to £500, while the current Annual Exempt Amount for CGT will be cut from £6,000 to £3,000.
Individual Savings Account (ISA) changes
Some new rules for Individual Savings Accounts were confirmed in 2023’s Autumn Statement. Notably, you will be able to open more than one of the same type of ISA in a single tax year, which was previously prohibited, in addition to being able to make partial transfers of ISA funds between different providers. ISA investors will also be able to invest in fractional shares for the first time. Learn more about ISAs in our guide Everything you need to know about ISAs.
Class 2 and 4 National Insurance cuts
Further National Insurance cuts announced in the Autumn Statement come into effect in April, this time for self-employed workers. Class 2 National insurance will be abolished entirely, while the Class 4 rate is being reduced from 9% to 8%. Find out more in our article Changes to National Insurance: will you pay less?
State Pension rises
The pension triple lock will remain in place for the time being, meaning that the State Pension will increase by 8.5% in April. If you are on a new full State Pension, you’ll receive £221.20 a week starting from April, while the old basic state pension will rise to £169.50 a week.
Pension Credit will increase by the same rate to £218.15 for a single person, or £332.95 for a couple.
Benefits rise with inflation
Means-tested benefits for people of working age in April will rise with last September’s 6.7% inflation figure, per the Autumn Statement. This includes Universal Credit, Jobseeker’s Allowance, Employment and Support Allowance, Income Support and Housing Benefit.
May
Energy Price Cap announced
Ofgem will announce the energy price cap for the July-September period on May 28th.
June
New banknotes could start circulating
New banknotes depicting King Charles III are expected to enter circulation by mid-2024, meaning we could start seeing them around June. Don’t worry about not being able to use old notes – banknotes depicting Elizabeth II will still be valid.
July
Energy price cap changes
The energy price cap will change again on July 1st. This is predicted to be lower than January’s cap but a bit higher than April’s, although the actual amount it will rise or fall by will depend on what happens with energy markets in the meantime.
August
Energy price cap changes
The energy price cap will change again on July 1st. This is predicted to be lower than January’s cap but a bit higher than April’s, although the actual amount it will rise or fall by will depend on what happens with energy markets in the meantime.
September
Earnings growth data released
It’s currently uncertain whether or not the triple lock will remain in 2025 after another considerable increase to the State Pension this April. However, should the government commit to retaining it for another year, then September’s earnings growth figure will be consequential. Under the triple lock, the highest figure between this one and September’s inflation figure (announced in October) is used to determine how much the State Pension increases by the following April. In the unlikely event that neither figure exceeds 2.5%, then this number is used instead.
October
Energy price cap changes
The final price cap change of the year is scheduled for the 1st of October – current estimates have it as slightly higher than July, but lower than January.
Deadline to register for self-assessment
If you have started earning money that needs to be declared on a self-assessment tax return, the deadline to register is on October 5.
September inflation figure announced
September’s inflation figure – announced on October 15 – is used to calculate changes to benefits, tax credits and, as mentioned above, the State Pension.
Deadline to submit paper self-assessment tax return
Should you choose to file your tax return for the 2023/24 tax year by post rather than online, the deadline to do so is October 31.
November
Autumn Statement
The exact date of the Chancellor’s autumn statement isn’t known yet, but it is usually delivered in November.
December
£2 bus ticket cap ends
The government announced that the £2 cap on single tickets from participating bus companies would be extended another year from the end of 2023. It is now set to end on December 31 2024.
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